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1、by SynTao Green Finance and China SIF in Responsible Investment in China Top TrendsResearch TeamsResearch TeamsSynTao Green Finance(STGF)is one of the first Chinese organizations specialized in providing green finance and ESG responsible investment services,starting ESG data collection and research

2、as early as in.STGF ESG data and research on ESG key issues are widely employed to support investment decisions,risk manage-ment,policy making,and sustainable finance product innovation.“STGF STR ESG Database”and“STGF ESG Risk Radar System”cover all A-share market,and Hong Kong stocks in the stock c

3、onnect schemes,amounting to,listed companies.In,STGF launched“STGF PANDA Climate Data Platform”,provid-ing carbon emission data of Chinese entities based on GHG protocol.STGF ESG ratings(SynTaoGF-ESG)has been onboarding on Bloomberg Intelligence,making it the first Chinese ESG rating agency to have

4、its data displayed on Bloomberg.STGF is the first signatory of Chinese service provider joining PRI,a member of the first Advisory Council of Green Bond Principles and Social Bond Principles of International Capital Market Association(ICMA),the founding member of China Green Finance Committee,the ce

5、rtified consulting agency for UK Green Investment Bank,the first China based Climate Bonds Standard(CBS)approved verifier,a member of the National Associa-tion of Financial Market Institutional Investors(NAFMII).China Sustainable Investment Forum(China SIF),established in Beijing as a non-profit org

6、anisation in,is dedicated to promoting responsible investment and providing an internationalised platform for exchanging and sharing ideas on issues concerning sustainable development,with focus on facilitating Environmental,Social and Governance(ESG)integration,advocating green finance,and contribu

7、ting to a responsible capitmarket in China as well as its sustainability.As a member of the Global SIFs Network,China SIF organises Annual Conferences,Summer Summits,SIF Weeks and a series of featured seminars and webinars annually,convening policymakers as well as domestic and foreign experts to sh

8、are their views,research,and good practice.Professionals and practitioners from research institutes,financial institutions,listed companies,government agencies,and media representatives have joined our discussion and endeavour to explore multiple ways to promote and practice responsible investment a

9、nd green finance.China SIF keeps launching a series of landmark research reports,such as China Sustainable Investment Review,supporting the Dissertation Competition on ESG and Sustainable Finance and developing the“ESG Online Classes”series of educational videos together with partners and industry e

10、xperts to promote ESG investment concepts and practices.Over the years,China SIF has become one of the most influential respons-ible investment forums in the region.Please visit https:/en.chinasif.org/for more information.On January,SynTao Green Finance and China Sustainable Investment Forum(China S

11、IF)jointly released Top Trends in Responsible Investment in China.Top Trends in Responsible Investment in China丨趨勢目錄趨勢目錄Trend：Insurance Sector Takes the LeadTrend ：Green Debt Market Becomes DiverseTrend：Regulators Support Green and Inclusive FinanceTrend：Local Green Finance Policies Are Proliferatin

12、gTrend：Critical Minerals Attract More AttentionTrend：Generative AI Sparks ESG ConcernsTrend：ESG Regulations Are StrengthenedTrend：Transition Finance Becomes a New Growth PotentialTrend：ISSB Standards Change Disclosure LandscapeTrend：TNFD Highlights Importance of Nature DisclosureTop Trends in Respon

13、sible Investment in China丨The Chinese Central Financial Work conference held at the end of pointed out that finance should provide high-quality services for economic and social development.It proposed improvement in five major areas,i.e.,fintech,green finance,inclusive finance,pension finance and di

14、gital finance.These will become the key priorities of financial work for the foreseeable future.Green finance and inclusive finance are both important components of ESG.In addition to that,fintech,pension and digital finance are inextricably linked to ESG issues such as data security,community devel

15、opment and long-term capital.Therefore,the five major areas will drive forward the rapid development of ESG in China.In terms of asset classes,green credit remains the largest ESG asset with an average annual growth rate of more than%for three consecutive years since.It is expected to maintain its g

16、rowth momentum in.The integration of green finance and inclusive finance will increase.At the policy level,the central government proposed in to promote the integration of inclusive finance and green finance;The State Council,in its Imple-mentation Opinions on Promoting the High-Quality of Inclusive

17、 Finance in,explicitly called for inclusive finance to play a role in supporting green and low-carbon development.At the practical level,many banks are already designing green finance-related products for micro and small enterprises and individual consumers.Market institutions are recommended to foc

18、us on integration and innovation through a combination of both green and inclusive aspects in.Trend：Regulators Support Green and Inclusive Finance Local green finance initiatives are one of the experiences of China s green finance develop-ment.Since the launch of green finance pilot zones in,the num

19、ber of pilot zones has expanded from eight in five provinces to ten in seven provinces.Pilot zones such as Huzhou City of Zhejiang Province have innovated and accumu-lated many achievements.As a next step,it is worth paying attention to how these results will be circulated and whether the pilot zone

20、s will continue to expand or upgrade.In addition,regions that are not yet included in the pilot also have noteworthy features like the environmental disclosure requirements and green finance branches in Shenzhen,which already have been thoroughly implemented.Local green finance is also increasingly

21、connected to climate targets.Many regions have adopted green finance as an important means of achieving the carbon reduction goal,as evidenced by the names of their policies.For example,the Action Plan for Promoting Green Finance Development and Serving the Carbon Peak and Carbon Neutrali-ty Strateg

22、y during the th Five-Year Plan Period of the Shanghai Banking and Insurance Industry,and the Circular of the Beijing Banking and Insurance Supervisory Bureau,Tianjin Banking and Insurance Supervisory Bureau,and Hebei Banking and Insurance Supervisory Bureau on Collaborat-ing to Promote Green Finance

23、 and Assisting the High-quality Development of Beijing-Tianjin-Hebei Region.By,it is expected that this trend will continue.In addition,the climate finance pilot was officially launched in by the Ministry of Ecology and Environment(MEE),and some early results will come out in.Trend：Local Green Finan

24、ce Policies Are ProliferatingTop Trends in Responsible Investment in China丨While the green finance and ESG markets are developing rapidly,regulators are also strength-ening regulation.This is reflected in several markets,including the credit market,bond market,and asset management industry,through a

25、 variety of initiatives,including statisti-cal monitoring,information disclosure and performance evaluation.In,the China Green Bond Standards Committee organized several meetings and issued the Guidelines for Post-Issuance Information Disclosure of Green Bonds among others,which had a positive impac

26、t on the promotion of healthy develop-ment of the green bond market.China s National Financial Regulatory Administration(NFRA)has proposed to gradually form financial policy arrangements that align with climate targets,incorporate transition finance into the daily regulatory evaluations,and improve

27、the green financial regulatory indicator system,which may become the key focus of green financial regula-tion in.In overseas markets,the trend of ESG regulation is clear.For example,Europe has introduced the European Green Bond Standard and the Corpo-rate Sustainability Reporting Directive,and is pr

28、omoting sustainability due diligence;Canada has introduced the Responsible Investment Identification Framework;Japan has incorporat-ed anti-greenwashing requirements into the Comprehensive Supervisory Guidelines for the Operation of Financial Instruments Business Operators.Notably,ESG rating service

29、s and data products have become a new regulatory priority recently.Both Singapore and the European Union have issued regulatory documents.Hong Kong is planning to introduce related measures,deserving the attention of the domestic market regulators in the Chinese mainland market.Trend：ESG Regulations

30、 Are StrengthenedTransition finance plays a crucial role in securing financing for traditional high-car-bon industries,enabling them to undergo a low-carbon transition.It is a valuable complement to conventional green finance and its market potential is expected to surpass the conventional green fin

31、ance market.The People s Bank of China(PBoC)has prioritized transition finance in the past two years.Transition finance standards for iron and steel,coal power,building materi-als and agriculture are under development.Several regions,including Shanghai,Huzhou,Chongqing,Hebei and Tianjin,have introdu

32、ced transition finance policies or standards.To support transition finance effectively requires accompanying policy tools and financial products.The carbon emission reduction facility,which is a refinancing program by PBoC,has disbursed loans of billions of yuan since late.The PBoC has announced an

33、extension of this facility until the end of.With the forthcoming release of transition finance standards,it is expected that there will be more innovative policy tools and products in areas such as loans,equities,bonds,insurances,and other financial domains.Moreover,for financial institutions,achiev

34、ing an orderly transition at the asset level requires carbon accounting,climate disclosure and transi-tion risk management.Trend：Transition Finance Becomes a New Growth PotentialTop Trends in Responsible Investment in China丨Long-term asset owners play a crucial role in driving ESG market growth.The

35、ESG Survey Report for Asset Owners()indicates a gradual increase in ESG aware-ness among domestic market asset owners,with over half of the surveyed institutions consistently considering asset managers knowledge and capability in engagement.In recent years,the National Social Security Fund Council h

36、as included ESG factors when selecting asset managements.*Among various asset owners,the insurance industry has emerged prominently as a key player in recent years.The Insurance Asset Management Association of China(IAMAC)has issued an engagement initiative and introduced draft engagement guidelines

37、 for insurance asset management.Institutions such as China Life,CPIC and Taikang participated in the China Climate Engage-ment Initiative(CCEI)in.Regulatory drive has been a significant factor:in,NFRA released the Green Finance Guide-lines for Banking and Insurance Sectors and later the Green Insura

38、nce Statistics System.In,the Insurance Association of China issued the Green Insurance Category and ESG Disclosure Guide for Insurances,signaling clear policy trends.It is anticipat-ed that in,more insurance groups will advance ESG at group level that covers both liability and investment businesses.

39、In the past two years,the National Social Security Fund Council has also accelerated the promotion of ESG(Environmental,Social,and Governance)through entrusting domestic and foreign fund managers to carry out ESG investments and other methods.Trend：Insurance Sector Takes the LeadIn,while the global

40、green bond market faced challenges,China s green bond market remained stable.Financial institutions continued to dominate the issuance of green financial bonds,with central and local state-owned enterprises as major contributors.This structural trend is expected to persist in.At the end of,a joint a

41、nnouncement by the China Securities Regulatory Commission(CSRC)and the State-owned Assets Supervision and Administration Commission(SASAC)supported the issuance of green bonds by central enterprises,which will create impacts in.In terms of categories,the variety of green bonds has expanded significa

42、ntly,includ-ing standard green bonds(including blue bonds and carbon-neutral bonds),carbon yield green bonds,green project revenue bonds,and green asset-backed securities.Low-carbon transition bonds and sustain-ability-linked bonds have also gained traction.Beyond conventional bond markets,labelled

43、green loans,sustainabili-ty-linked loans and Real Estate Investment Trusts(REITs)products backed by green assets have emerged,contributing to the diversification of the green debt market.However,enhancing credibility and avoid-ing greenwashing remains a constant consideration for issuers.Trend：Green

44、 Debt Market Becomes Diverse*Top Trends in Responsible Investment in China丨In,new standards by the International Sustainability Standards Board(ISSB),i.e.,IFRS S(General Disclosures)and IFRS S(Climate Disclosures)become effective.At the same time,ISSB takes over TCFD.This marks a transformative shif

45、t in the global landscape of ESG disclosure standards,with ISSB,the Global Reporting Initiative(GRI),and the EU Corporate Sustainability Reporting Directive(CSRD)as three major players.No matter which standard,climate disclosure takes the central role,with more companies measuring carbon emissions,s

46、ome employing climate scenario analysis to assess climate resilience,and specific sectors,like finance,delving into Scope emissions.In the Chinese mainland market,various government departments,such as PBoC,CSRC,SASAC,MEE and the Ministry of Finance,are actively promoting ESG or environmental inform

47、ation disclosure within their respective areas.How the Ministry of Finance will apply ISSB stan-dards is particularly noteworthy.Moreover,CSRC is drafting an ESG reporting guide for listed companies.If this guide is successful-ly released,then ESG reports by listed companies will become more and mor

48、e popular,which will potentially create peer pressure for non-listed companies.Trend：ISSB Standards Change DisclosureLandscapeIn,there will be two COP events:Colombia to host COP on biodiversity in October,and Azerbaijan to host COP on climate in November.Also,Brazil takes the G presidency in.Given

49、the impor-tance of the Amazon rainforest,the G Sustainable Finance Working Group is likely to take biodiversity as one focus area.Many predict that biodiversity will become a new focus after climate change in the ESG landscape.In this context,the Taskforce on Nature-related Financial Disclosures(TNF

50、D)is an important movement.Estab-lished in,after trial versions,TNFD officially released its final framework in September.Similar to TCFD,TNFD also follows the four-pillar framework:governance,strategy,risk and impact management,metrics and targets.It is quite likely that TNFD will learn from TCFD e

51、xperiences to create impacts among financial regulators.Therefore,early learning about TNFD is recommended for businesses and financial institutions.Trend：TNFD Highlights Importance of Nature DisclosureISSBTop Trends in Responsible Investment in China丨COP,convened in the UAE,underscored the global c

52、onsensus on transitioning away from fossil fuels,heightening the urgency of alternative energy.Many countries have agreed on two primary options for alterna-tive energy.Firstly,a commitment to tripling installed renewable energy capaci-ty by,is embraced by over coun-tries.Secondly,the focus on nucle

53、ar power,with more than countries committing to tripling global nuclear power by.This presents a significant opportunity for Chinese companies in the wind and solar power industry,as the global market for renewable energy is expected to expand rapidly.New energy-related products have become a new gr

54、owth for Chinas exports.This category includes electric vehicles,lithium batteries,and photovoltaic products,which are intricately linked to crucial minerals such as lithium,cobalt,and gallium.As global demand and Chinas exports surge,attention to critical mineral issues is expected to increase subs

55、tantially.From an ESG perspective,the extraction and processing of critical minerals involve environmental,labour,and community concerns,making it prone to disputes.Chinese companies need to pay more attention to these issues and improve risk management.Trend：Critical Minerals Attract More Attention

56、ChatGPT has emerged as a groundbreaking force,bringing generative AI technology into the mainstream spotlight.This powerful technology has demonstrated its effective-ness across various industries,enhancing efficiency in data processing,text writing,creative design,and more.It is conceivable that ge

57、nerative AI can also find applications in ESG markets,such as ESG report writing and rating analysis,despite these explorations being in their early stages.The potential value and impact of such applications cannot be underestimated.On the other hand,companies developing and applying generative AI t

58、echnology must pay close attention to potential ESG risks it may trigger.Risk factors encompass technolo-gy ethics,copyright protection,data security and privacy,among others.Companies should prevent the uncontrolled application of generative AI technology.Additionally,due to its high demand in comp

59、utability,genera-tive AI technology may result in significant water consumption,energy consumption,and carbon emissions.From a macro perspective,generative AI technology may alter societal job demands,leading to unemployment in some sectors.All stakeholders,including companies applying generative AI

60、 technology,should proactively manage such potential impacts.This could be achieved through initiatives such as skill training,enabling employees liberated from repetitive tasks to undertake more critical and creative work.Trend：Generative AI Sparks ESG ConcernsTop Trends in Responsible Investment i

61、n China丨Disclaimer：The data used in this report were collected from public sources unless otherwise noted.The research institution of this Report disclaims any responsibility for any decisions made or actions taken by relying on the information provided herein or for any losses arising from such dec

62、isions or actions.Nothing in this Report shall be construed as legal,tax,accounting or specific investment advice,nor does this Report contain or constitute any offer or invitation to sell or buy.Tel.+-/E-mail WAdd.Floor,Tower C,Vantone Center,A Chaowai Avenue,Chaoyang District,Beijing,China Top Trends in Responsible Investment in China丨